Merrill Lynch Expectations

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Mar 29, 2010 10:56 am

What are Merrill Lynch's expections for new households per month and what is the minimum asset level they require for them to count towards that goal?

If the house hold has under 100k do they assign the house hold to the call center?

Thanks for your help.

Mar 29, 2010 1:05 pm

250k is a net new household. 

Sub 100k does not go directly to call center, but you don't get paid on it.

Mar 29, 2010 2:15 pm

Fly on wall-

How new households per do they want?

Mar 29, 2010 2:38 pm

Not sure the specifics of the newer training program in terms of numbers needed for that requirement, sorry.  The old training program had no requirement for net new households.  Just production, assets, and annuitized assets. 

Mar 31, 2010 11:16 am

Bump....Just curious as to if anybody has ever been through the ML PMD training program that last 3 years? What was good about it and what was bad? What will be the first production hurdle?

Mar 31, 2010 1:25 pm

Households only matter at Jones... everywhere else it is assets and production..

PMD goals depend on starting salary... The higher the starting salary the higher the asset goals..

Mar 31, 2010 3:12 pm

Squash: Not true, households matter at ML in the new PMD training program.  250k and up count as net new households, and there are metrics for minimum NNHs.

Mar 31, 2010 4:43 pm

I guess my next question is....The 250K Household....Is that how much they have available to invest or their total household yearly income?

Mar 31, 2010 6:24 pm

You have to be kidding!

So you have a 200K  account at this S#!+ firm and they charge the client  do not pay you!

I would like to have people work for me for free to. Where do I find these people?    

Mar 31, 2010 9:37 pm

[quote=Greenbacks2]

You have to be kiddinng

So you have a 200K  account at this S#!+ firm and they charge the client  do not pay you!

I would like to have people work for me for free to. Where do I find these people?    

[/quote]

Welcome to the new Wirehouse environment. This is the future of the megafirms

Apr 1, 2010 3:38 am

[quote=Greenbacks2]

You have to be kidding!

So you have a 200K  account at this S#!+ firm and they charge the client  do not pay you!

I would like to have people work for me for free to. Where do I find these people?    

  [/quote]

200K accounts are fine........you get paid on them........

They value 250K and up households more, but they pay you as long as the household is 100K or better.

If the household is below 100K, then you don't get paid on it.

If the account is small but part of a household that is worth over 100K, then you DO get paid on it.

If the entire household is 50K, then you don't get paid on it.......and have a couple of windows per year to move it to the call center.....

Apr 1, 2010 8:25 am

What are newbies at wires doing to prospect?

I can't imagine cold calling works if you need $100K or more to get paid....

Apr 1, 2010 8:29 am

For a new rep just starting what is the minimum number of new households with the 100k to stay in ML's good graces?

Apr 1, 2010 6:06 pm

ML has two routes for PMD's; first are trainees making less than $50,000 annually and second are those making $50-75,000 annually.  For under $50k, 1 NHH is not required until the Los month 9, then it is 2 (total) by month 12, 3 by 18, 4 by 24, 5 by 30, and finally 6 by the end of the program LOS month 36.  For over $50k, the difference is 7 by month 36 and the they are the number required occur slightly sooner.  The NNA is different for either route as well, but I'll have to get the numbers over the weekend to verify.  If you want more details let me know.

The fact is ML wants an "ideal" client base of $250k HH and above, but as mentioned above you do get paid on HH's down to $100k.  They also have the FAC which allows you to move clients over to the call center, and you get a referral fee if business closes.  I have referred 4 prospects and none have closed and not surprising because I don't blame people for not wanting to strictly work with a call center.  

The whole wirehouse "feel" is gone at Merrill because of the WMBs pushing bank relationships in the office and the BofA compliance breathing down our necks.  If it weren't for my coworkers and BOM, I would struggle with starting here because the minimums would be difficult to meet.  I find that while cold calling has been the bulk of my prospecting, my best leads have come from cold walking and networking.  I am teamed up with a senior advisor with 50/50 split, which has helped my credibility in meetings.   What makes this partnership work is that my success matters to him and we work together.

Apr 1, 2010 9:45 pm

How does cold calling work if you are shooting for $250K households....not pitching product are ya?

Apr 1, 2010 10:14 pm

[quote=on my own]

What are Merrill Lynch's expections for new households per month and what is the minimum asset level they require for them to count towards that goal?

If the house hold has under 100k do they assign the house hold to the call center?

Thanks for your help.

[/quote]

You need 2 households over $250k in yr 1 I believe.  However, I would not rely on this group to tell you what you need to do to keep your job.  Ask your complex director / leader of PMD program locally.

Apr 2, 2010 12:14 am

I generally use lead lists from databases.  If I'm calling prospects at home, our branch has an account with salesgenie.com which I can build lists with certain parameters.  For the most part those parameters hold true for investable assets.  2 NHH is what you need for first year at ML if your salary is less than $50k, and I don't pitch products on first call.  I introduce myself, my team, and ask how they are currently managing risk in their portfolio, if they tell me how, then I know have someone who is somewhat competent when it comes to investing and push for meeting in person, it they do not know I ask more questions driving down quickly to whether or not they are qualified, if so, let's meet for coffee.  It has worked for me.  Also as a newbie, I've done 2 seminars and planning for more.  

Apr 2, 2010 4:09 pm

[quote=BullRunt]

The whole wirehouse "feel" is gone at Merrill because of the WMBs pushing bank relationships in the office and the BofA compliance breathing down our necks.  If it weren't for my coworkers and BOM, I would struggle with starting here because the minimums would be difficult to meet. [/quote]

If you could expand on this.  I have talked with several BOMs at Merrill and they say that BOA has not changed the culture much and have left Merrill alone.  Also, hasn't Merrill had CMAs and Beyond Banking for years, what's different?

Thanks!!

Apr 2, 2010 4:23 pm

While many of the platforms like CMA and beyond banking have existed, they were never the biggest component of upper management's efforts.  Lately, I feel as though BofA personnel have come through our branch to give training on how to prospect our own clients for banking products.  We have a wealth management outlook tool which is helpful when I need it, but I think it is a waste of time to mine a client for checking accounts and accolades cards.  

As far as the culture, the FAs in the office haven't changed and the BOMs seem to be relatively the same, but there are pressures from above on day to day activities that are geared towards the bank.   My manager asks me if I have had a chance to talk to all my clients who own homes about refinancing.  While it makes sense for some, taking the time to reach out to everyone on a bank product seems to be something that the WMBs in the office could do more of and let me worry about brokerage products.  Maybe our system will be better this coming fall when everything will be fully integrated but until then there needs to be more streamlining of efforts.  As for simple operations like restocking paper, note pads, coffee, business cards, and marketing support, BofA is failing.  Their system is too labor intensive for my CA which takes away from time she has for me and her other FAs.  Again this is my particular branch and complex and is how I feel, in other parts of the country the integration may be going well.

Apr 2, 2010 9:29 pm

[quote=Roxie]

[quote=BullRunt]

The whole wirehouse "feel" is gone at Merrill because of the WMBs pushing bank relationships in the office and the BofA compliance breathing down our necks.  If it weren't for my coworkers and BOM, I would struggle with starting here because the minimums would be difficult to meet. [/quote]

If you could expand on this.  I have talked with several BOMs at Merrill and they say that BOA has not changed the culture much and have left Merrill alone.  Also, hasn't Merrill had CMAs and Beyond Banking for years, what's different?

Thanks!!

[/quote]

I would agree with the comments that the wirehouse feel is gone and compliance is more assertive.  You have to remember that the BOMs are managers.  Of course they are going to tell you everything is fine.  That is part of their responsibility as directed by their bosses.  It has definitely become much more bureaucratic in my office.  I will say the wealth management bankers do not bother me too much.  I have never been one to make a client sticky, which is what I see the bankers offering.  If a client wants to go I want them to be able to go as easily as possible.  Of course, if I leave and they have a desire to follow me I want it to be simple too.